As the global pandemic continues, more and more Canadians are becoming increasingly concerned about the impact COVID will have on their retirement plans. This is particularly true for aging Canadians. In January 2021, Ipsos conducted a national survey, concluding that one in three Canadians admitted to needing more financial advice than ever, as a result of the pandemic.
Globally, leading financial institutions have acknowledged these new attitudes as it relates to financial longevity. In their new book, Longevity Industry 1.0: Defining the Biggest and Most Complex Industry in Human History, Dmitry Kaminsky and Margaretta Colangelo tackle the subject head on, beginning with a provocative quote:
“Global finance has reached a crossroads where it must decide how to approach the issue of a global aging population – either as a threat or a multi-trillion-dollar opportunity.”
The focus of this month’s Access newsletter is on the burgeoning financial longevity sector.
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Decumulation: How aging Canadians can fund their retirement years
Most aging adults approaching retirement today are uncertain how they will manage their retirement assets post-pandemic.In response, many forward-leaning financial institutions are responding quickly to address this need.
A recent research report from Blackrock Investments showed mounting evidence towards a shift in focus for aging adults from accumulation to decumulation, which we will be hearing more about in the years to come.
What does decumulation mean? It refers to the de-accumulation of assets in order to maintain a quality of life in retirement. It’s a psychological pivot in fundamentals and behaviours that move us from saving money to spending it. It’s much more complex than the accumulation of assets, and the economic implications of it are immense.
Sun Life’s Money for Life programis a good example of how decumulation is used to maximize insurance and financial planning strategies for an aging population.
Keep up to date with the latest posts about new financial longevity products and services by following YouAreUNLTD on our LinkedIn page.
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Insurance industry shifts to meet the needs of an aging population
A new McKinsey report reimagines the future of life insurance. A shift to targeted health management is key.
By 2030, the number of people aged 60 and older will grow by more than 50 per cent, from 900 million in 2015 to 1.4 billion, and non-communicable diseases—those more closely linked to lifestyle and behaviours, such as diabetes, heart disease and lung cancer—will account for 71 per cent of all annual deaths globally. That represents an increasing proportion of mortality risk. Researchers believe these factors will motivate insurance companies to engage more deeply with customers on the promotion a healthier and more active lifestyle to increase its policyholders’ longevity and mitigate risk.
Companies such as Manulife’s Vitality platform are indicators of where the industry is heading with built-in rewards and coaching to drive positive behaviours.
Read more about shifting trends like these here.
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Canadian investment fund validates the economic potential of the longevity market
In June 2020, the Canadian firm C.I. Investments launched the first-ever registered Canadian investment fund focused on the Longevity Economy, signalling to rivals that the new era of the “aging consumer” is now at a tipping point.
The venture, in partnership with Joseph Coughlin, managing director of MIT’s AgeLab, and author of The Longevity Economy, a New York Times’ bestseller, takes a first mover position across North American markets, and is performing well. The fund holds companies like Abbott, Manulife, Humana and Amazon, which have all published strategies and developments within the emerging longevity economy.
Read more articles like this here.
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Prevent FOMO (fear of missing out). Tap into the longevity economy!
Interested in learning more? Turn to YouAreUNLTD for solutions and strategies to engage your organization with the new aging consumer.
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Join Us on LinkedIn
Over the last few months, YouAreUNLTD’s LinkedIn community has been recognized as a go-to resource for curated content on longevity economy global trends and insights, thought leadership papers, breaking news on disruption and innovation and leading edge research. Follow us today.
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Let's work together to boost your business
YouAreUNLTD offers a wide range of solutions to help you uncover and activate strategies to tap into the longevity economy. Don't miss out on this incredible business opportunity. Let's talk now.
UNLTD Strategy: Uncover your business possibilities through strategy design and UNLTD Potential Workshops. Partner with us.
UNLTD Targeting: Connect with Canada's new aging consumers through YouAreUNLTD's proprietary consumer databases. Reach out to find out how.
UNLTD Content. Speak to new aging consumers with customized content campaigns that resonate and drive engagement with your business. Let's connect. Now's the time.
UNLTD Brand Studio: Develop relevant communication creative that is meaningful to the new aging audience. Get in touch with us to learn more.
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